Selling a Business Advice
Selling an Intellectual Property Attorneys Business
Owning an intellectual property attorneys business hasn't always been a bed of roses, but it's been worth the effort. Now the trick is to convince cautious buyers that your operation is worth the asking price.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
In our opinion, that kind of thinking doesn't make sense. In fact, this might be the perfect time to sell an intellectual property attorneys business. We'll tell you what you need to know to achieve a successful sale outcome
Buyer Concessions
Sellers aren't the only ones who can make concessions in a business sale. In many instances, sellers can request buyer concessions. For example, if the buyer needs seller financing, you can leverage a five-year loan to push for a higher sales price. Although you won't see all of the proceeds upfront, you'll earn interest on the balance and realize a higher price than you would in an all cash deal. You can also choose to exclude certain items like equipment or inventory from the deal if the buyer isn't willing to meet your price expectations. By selling excluded assets on the secondary market, you can compensate for an anemic sale price.
Broker vs. No Broker
The decision of whether or not to hire a business broker should never be taken lightly. Is there a cost associated with hiring a broker? Sure - about 10% of the final sale prices. But a good broker will make selling your intellectual property attorneys business much less painful. If you're on the fence, do your research before you make a final decision. BizBuySell.com and other websites offer detailed information about brokers and the process of performing a brokered intellectual property attorneys business sale.
Setting the Stage
Effective intellectual property attorneys business preparation focuses on communicating value to prospective buyers. In our experience, it pays to solicit the advice of a professional business broker as soon as possible. A good broker will guide you through the preparation stage and make sure you've covered all the bases. Financial statements, appraisals, operations manuals and other documents lay the foundation for your intellectual property attorneys business sale, creating incentives for prospects to agree to a higher asking price.
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